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OFSI publishes updated financial sanctions general guidance

Link(s):UK financial sanctions general guidance – GOV.UK (www.gov.uk)

Context

OFSI has updated its general advice and guidance on UK financial sanctions in its role as the authority for the implementation of financial sanctions in the UK.  It outlines firms’ obligations under financial sanctions as well as OFSI’s approach to licensing and compliance issues. Although this advice and guidance takes into account relevant case law and guidance at the date of publication, OFSI points out that it does not represent legal advice.

Key points to note and next actions

The Guidance is set out under eight main headings:

  • Overview of financial sanctions
  • Who is subject to financial sanctions
  • What financial sanctions restrict
  • Ownership and contol
  • Reporting to OFSI
  • Exceptions and licensing
  • Compliance and enforcement
  • Challenging designations